CG Oncology (NASDAQ:CGON) Lowered to Sell Rating by Wall Street Zen

Key Points

• CG Oncology (NASDAQ:CGON) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting a negative shift in outlook from equities researchers.
• Despite the downgrade, CG Oncology has a consensus rating of "Moderate Buy" and an average price target of $55.30 based on multiple analysts' evaluations.
• The company reported a quarterly loss, with an earnings per share of ($0.54), which missed the consensus estimate, further complicating its financial position amidst fluctuating analyst ratings.

CG Oncology (NASDAQ:CGON - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other equities analysts have also recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of CG Oncology in a research note on Monday, April 28th. Morgan Stanley upped their target price on shares of CG Oncology from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada lowered their price objective on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. JPMorgan Chase & Co. initiated coverage on shares of CG Oncology in a research note on Friday, May 2nd. They issued an "overweight" rating and a $41.00 price objective on the stock. Finally, The Goldman Sachs Group upgraded shares of CG Oncology to a "strong-buy" rating and set a $40.00 price objective on the stock in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.30.

CG Oncology Trading Up 2.1%

NASDAQ CGON traded up $0.52 during trading on Friday, hitting $25.47. The company had a trading volume of 109,772 shares, compared to its average volume of 998,721. CG Oncology has a one year low of $14.80 and a one year high of $40.47. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -14.39 and a beta of 0.87. The company's fifty day moving average is $26.20 and its 200-day moving average is $25.56.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.05). CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%. As a group, equities analysts anticipate that CG Oncology will post -1.31 EPS for the current year.

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 2,000 shares of CG Oncology stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $28.00, for a total value of $56,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Institutional Investors Weigh In On CG Oncology

A number of large investors have recently modified their holdings of the business. Winthrop Capital Management LLC purchased a new stake in CG Oncology in the second quarter valued at approximately $38,000. GF Fund Management CO. LTD. acquired a new position in shares of CG Oncology during the 4th quarter worth approximately $41,000. CWM LLC raised its stake in shares of CG Oncology by 3,957.7% during the 1st quarter. CWM LLC now owns 2,110 shares of the company's stock worth $52,000 after buying an additional 2,058 shares during the period. GAMMA Investing LLC increased its position in shares of CG Oncology by 1,051.0% during the first quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock worth $56,000 after purchasing an additional 2,102 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of CG Oncology by 15.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company's stock worth $77,000 after purchasing an additional 398 shares in the last quarter. Hedge funds and other institutional investors own 26.56% of the company's stock.

CG Oncology Company Profile

CG Oncology, Inc, an oncolytic immunotherapy company, focuses on developing and commercializing backbone bladder-sparing therapeutics for patients with bladder cancer. The company develops BOND-003 for the treatment of high-risk bacillus calmette guerin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) patients; CORE-001 to treat cretostimogene in combination with pembrolizumab in high-risk BCG-unresponsive NMIBC patients; and CORE-002 for the treatment of cretostimogene in combination with the checkpoint inhibitor nivolumab in muscle invasive bladder cancer patients.